The deficit, and the growing national debt, will be major issue in the current campaign — and they should be.
We must reduce the federal deficits and the national debt. But we must do so in a responsible way.
The Republican plan calls for massive spending cuts, and no tax increases on the wealthy. This is not a responsible plan.
When President Clinton was elected, he proposed a balanced approach that included both spending cuts and tax increases. Not a single Republican in either the Senate or the House of Representatives voted for the legislation, but it was passed by a Democratic Congress.
By the time Clinton left office, the federal budget deficit had been eliminated and we were beginning to pay down the national debt. And during the Clinton years, the economy was the strongest it had been in decades.
Now compare the Clinton plan with the plan pursued by the Reagan-Bush administration and the George W. Bush administration.
After Reagan passed his signature tax reduction legislation:
The federal deficit increased every year of the Reagan-Bush administrations.
During the Reagan years alone, the national debt tripled.
In eight years,Reagan added more to the national debt than had been added in nearly 200 years.
Then came George W. Bush who reduced taxes on the wealthy in 2001 and again in 2003.
Prior to the 2003 tax cuts, a group of over 400 prominent economists, including 10 Nobel Prize winners, authored a full page article in the New York Times [February 11, 2003] warning that “passing these tax cuts will worsen the long-term budget outlook, adding to the nation’s projected chronic deficits.“
No one in the Bush administration listened, and during the Bush administration the national debt almost doubled.
Now the Republicans want to return to the policies of Reagan and Bush. We cannot let it happen.
HISTORY HAS PROVEN THAT THE REPUBLICAN PLAN IS WRONG
Republicans love to point to Ronald Reagan and claim that his tax reductions — in 1981 — lead to economic growth in the 1980′s. But they conveniently ignore the fact that, in 1983, when it became obvious that the 1981 tax cuts were hurting the economy, Reagan was also responsible for the largest tax increase in American history. In fact, Reagan increased taxes nine times during his administration.
Phil Roe is solidly with the Republican leadership. He wants to return to tax reduction policies that have been proven to be dangerous for the country.
We need a balanced approach to controlling the budget and reducing the national debt.
We need a Congressman who actually understands tax and economic policy.
Phil Roe has taken a pledge to never increase taxes — especially on the wealthy — no matter how necessary that may be.
I am committed to responsible deficit and debt reduction.
